The earnings came on net sales of $319.6 million, up $76.1 million from the same period in 2007.
For the six months ending June 28, egg products EBITDA was $83.8 million, up from $62.5 million year earlier, while sales of $620.5 million were $148 million higher than the same six-month period in 2007.
“Our EBITDA was driven by positive performances in food ingredient egg products, retail low/no cholesterol liquid eggs and retail shell eggs, with productivity gains also providing support,” said President and CEO David Johnson. He added that the egg products division sales growth reflects solid unit sales growth for most product categories and food ingredient product pricing increases due to the continued strength of egg markets and high corn and soybean meal markets.
Looking ahead, Johnson said, “Cost pressures continue to be a challenge, and we are focused on sustaining our results through productivity improvement, innovation and passing on energy-related and raw material cost increases.”Michael Foods is the third largest U.S. egg company, according to Egg Industry’s top company ratings.